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MKTG 250
Exam 1
| Term | Definition |
|---|---|
| marketing | the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large ... discover needs and wants of prospective customer and satisfy them |
| exchange | the trade of things of value between a buyer and a seller so that each is better off after the trade |
| Environmental Forces | social, economic, technological and competitive and regulatory (uncontrollable) |
| 4 factors for Marketing to Occur | o Two or more parties with unsatisfied needs o A desire and ability on their part to have their needs satisfied o A way for parties to communicate o Something to exchange |
| biggest challenge in discovering consumer needs is... | Most times consumers don’t know what they want or need |
| CRM - Customer Relationship Management | the process of identifying prospective buyers, understanding them intimately and developing favorable long-term perceptions of the organization and its offerings so the buyers with choose them and advocate for purchases |
| market | people with both the desire and ability to buy a specific offering |
| target market | one or more specific groups or potential consumers toward which an organization directs it marketing program |
| Marketing Mix (4 P's) | product, Price, Place, Promotion |
| product | – a good or service or idea to satisfy the consumers need |
| price | what is exchanged for the product |
| promotion | a means of communication between seller and buyer |
| place | a means of getting the product to consumer (where its being sold and how you get it to that place) |
| customer value | : the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery and both before and after sale service |
| relationship marketing | developing and maintaining effective customer relationships, links organization to its individual customers, employees, suppliers and other partners - mutual long term benefit |
| marketing program | developing and maintaining effective customer relationships, links organization to its individual customers, employees, suppliers and other partners |
| market segments | relatively homogenous groups of prospective buyers who have common needs, will respond similarly to a marketing act |
| societal marketing concept | the view that organizations should satisfy the needs of consumers in a way that provides for societies well-being |
| ultimate consumers | are the people who use the products and services purchased for a household |
| organizational buyers | manufacturers, wholesalers, retailers, service companies, nonprofit organizations and government agencies that buy products and services for their own use or resale |
| organization | legal entity that consists of people who share a common mission… develop offerings/products to satisfy consumer needs - for profit, non profit, government agency |
| for profit | privately owned that serves its customers to earn a profit so that it can survive |
| non profit | a nongovernmental organization that serves its customers but does not have profit as an organizational goal |
| government agency | a federal, state, county or city unit that provides a specific service to its constituents |
| profit | : the money left after a for-profit organization subtracts its total expense from total revenues and is the reward for the risk it undertakes in marketing its products |
| strategy | an organizations long term course of action designed to deliver a unique customer experience while achieving its goals |
| organizational levels | corporate, strategic business unit (SBU), functional |
| corporate level | where top management directs overall strategy for the entire organization |
| Strategic business unit (SBU) | a subsidiary , division or unit of an organization that markets a set of related offerings to a clearly defined target market |
| functional level | departments; marketing and finance, etc, organizations strategic direction becomes its most specific and focused |
| organizational foundation | purpose, values, mission, culture |
| core values | the fundamental, passionate, and ENDURING PRINCIPLES that guide its conduct over time, consistent with essential beliefs and character of company |
| mission/vision | a STATEMENT of the organizations function in society that identifies its customers, markets, products and technologies |
| organizational culture | : the values, ideas, attitudes and norms of behavior that are learned and shared among the members of an organization |
| business | the clear, broad, underlying industry or market sector of an organizations offering |
| market share | the ratio of sales revenue of the firm to total sales revenue of all firms in industry |
| organizational startegies | HOW will it do it, level in the organization and the offerings it provides to customers; marketing plan, marketing dashboard |
| marketing plan | a road map for the marketing actions of an organization for a specified time period |
| marketing dashboard | a VISUAL DISPLAY of the essential information related to achieving a marketing objective |
| marketing metric | A MEASURE of the quantitative value or trend of a marketing action or result |
| SWOT analysis: | Strengths and Weaknesses (internal), Opportunities and Threats (external); build on a strength, correct a weakness, exploit an opportunity, avoid threat |
| market penetration | to increase sales of current products in current markets - 1 growth strategy |
| product development | : strategy of selling new products to current markets - 2 growth strategy |
| market development | strategy to sell current products to new markets - 3 growth strategy |
| diversification | : strategy to sell new products in new markets, higher risk - 4 growth strategy |
| strategic marketing process | -Involves the allocation of an organizations marketing mix resources to reach its target markets and achieve a competitive advantage - planning, implementation, evaluation |
| planning phase | SWOT analysis, develop market-product focus, develop marketing program |
| implementation phase | obtain resources, market organization, execute marketing plan, GANTT CHART |
| evaluation phase | exploit positive deviations and correct negative ones, reflect |
| marketing strategy | how a marketing goal is to be achieved |
| marketing tactics | day to day operational marketing actions for each element of the marketing mix, contributes to success of marketing strategy |
| Guiding Principles for Marketing Strategy | o Customers are different o Customers change o Competitors change and react o Organizational resources are limited |
| environmental scanning | continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| social forces | include the demographic characteristic of the population and culture |
| demographics | describing a population using certain characteristics; age, gender, ethnicity, etc |
| generations | baby boomers (1946-64), gen x (1965-80), gen y (1983-96), gen z (1997-2010) |
| multicultural marketing | marketing approaches that reflect the unique attitudes, ancestry, communication, and lifestyles of diverse races and ethnic groups |
| culture | incorporates the set of values, ideas and attitudes that are learned and shared among members of groups |
| economic forces | : the income, expenditures, and resources that affect the cost of running a business and household |
| macroeconomic | performance of economy based on GDP, unemployment and price changes (inflation) |
| recession | periods of declining economic activity |
| microeconomic | consumer income |
| gross income | total amount of money made in one year |
| disposable income | money a consumer has left after paying taxes to use for necessities |
| discretionary income | money that remains after paying taxes and necessities, used for luxury spending |
| technological advances | inventions or innovations from applied science or engineering research |
| electronic commerce | consists of marketing activities that employ communication, information, and digital technology to promote, distribute, price purchase and sell products (amazon, online shopping) |
| internet of things | the network of products embedded with connectivity enabled electronics (alexa, google home, ring) |
| artificial intelligence | ; the simulation of human intelligence in machines |
| marketspace | |
| big data | large data sets that require massive data storage warehouses and data analysis to identify patterns, trends and associations for decision making |
| marketing analytics | the study of data to evaluate the performance of marketing activities in numerical terms; descriptive, diagnostic, predictive |
| competitive forces | the alternative firms that could provide a product to satisfy a markets need |
| pure competition | Pure competition: many sellers with similar product |
| monopolistic competition | many sellers with substitutable products within price range |
| oligopoly | when few companies control the majority of industry sales |
| pure monopoly | when only one firm sells the product |
| barriers of entry | practice or conditions that make it difficult to enter the market |
| regulatory forces | restrictions state and federal laws place on business with regard to conduct of its activities, protect companies and consumers |
| self-regulation | an alternative or government control whereby an industry attempts to police itself |
| consumerism | movement to increase influence, power, and rights of consumers in dealing with institutions |
| ethics | moral principles and values that govern the actions and decisions of an individual or group |
| laws | societies values and standards that are enforceable in the courts |
| Consumer Bill of Rights | to safety, to be informed, to choose, to be heard |
| economic espionage | : the clandestine collection of trade secrets or proprietary information about a companies competitors (illegal trespassing, theft, fraud, etc) |
| corruption | unethical conduct by a person entrusted with a position of authority, often to acquire personal benefits (bribes) |
| code of ethics | a formal statement of ethical principles and rules of conduct - American Marketing Association |
| whistle blowers | : employees who report unethical or illegal actions of their employers |
| moral philosophy | learned through the process of socialization and by formal education. Influenced by societal, business, and corporate culture |
| moral idealism | personal moral philosophy considers individual rights or duties as universal regardless of outcome - 3M's Scotchguard |
| utilitarianism | focuses on the greatest good for the greatest number - Nestle Gerber baby formula |
| social responsibility | organizations are part of a larger society and are accountable to that society for their actions |
| profit responsibility | companies maximize profits for their owners or stockholders |
| stakeholder responsibility | obligations of an organization to those who can affect achievement of its objective; consumers, employees, suppliers, distributors |
| societal responsibility | obligations organizations have to preserve the environment and to the general public |
| triple bottom line | recognition of need for organizations to improve state of people, planet and profit simultaneously |
| sustainable marketing | seeks to meet todays economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs |
| green marketing | efforts to produce, promote, and reclaim environmentally sensitive products |
| cause marketing | occurs when charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of its product |
| social audit | a systematic assessment of a firms objectives, strategies and performance in terms of social responsibility |
| sustainable development | conducting business in a way that protects the natural environment while making economic progress |
| consumer ethics | Consumers also have an obligation to act ethically and responsibility in the exchange process – filing warranty claims after claim period, fraudulent returns, inaccurate credit information, pirating music, etc |
| stages of purchase decision process | problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior |
| extended problem solving | high involvement purchase situation |
| limited problem solving | when purchases dont merit a great deal of time and effort |
| routine problem solving | purchase process is a habit, low-involvement decision making |
| situational influences | nature of the purchase task, social surroundings, physical surroundings, temporal effects and antecedent states |
| perceived risk | represents the anxiety felt because the consumer cannot anticipate the outcomes of a purchase |
| brand loyalty | favorable attitude toward and consistent purchase of a single brand over time |
| word of mouth | most powerful and authentic information source, trust |
| opinion leadership | exerting direct or indirect social influence over others |
| consumer socialization | process by which people acquire skills, knowledge and attitudes necessary to function as consumers |
| family life cycle | distinct phases that a family progresses through from formation to retirement |
| subculture | Subgroups within the larger culture with unique values, ideas and attitudes that are learned and shared among the members |
| consumer behavior | the action a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions |
Created by:
kayleejh0829